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The BankAmericard® offers 21 months of 0% APR for purchases and balance transfers plus relatively low regular APR and no annual fee. However, the lack of a rewards program or useful benefits make this card unimpressive once the intro period ends.
Quick Review
The BankAmericard® has only a few major advantages: a long introductory APR period, no annual fee, and potentially low standard APR for purchases and balance transfers. Beyond those, this card is seriously lacking in long-term value, as it doesn’t have any rewards program.
The BankAmericard® offers 0% APR on purchases and balance transfers for 21 months—one of the longest 0% APR offers on the market. If you want to consolidate your credit card debt onto one card so you can pay it off more easily, nearly two full years of no interest is plenty of time to pay down your debt.
Such a long intro APR offer on purchases can also be useful if you want to pay for a major expense, like a home renovation or wedding, with your credit card.
Once the intro period ends, you may qualify for relatively low standard APR, which ranges from 14.99%–24.99% (variable). Unlike other Bank of America cards, the BankAmericard® doesn’t apply penalty APR, so you won’t be hit with additional interest charges if you make a late payment.
Unfortunately, that’s the end of the BankAmericard®’s appeal. It has no rewards program and comes with only the standard Bank of America perks, like overdraft protection when you link your card to your Bank of America checking account.
Its value for people looking to consolidate their debt or make a large purchase earned the BankAmericard® a spot on our list of the best 0% APR credit cards, but if you’re willing to trade a shorter intro APR for a rewards program, you have plenty of alternatives to explore.
BankAmericard® Important Details
Basic Card Details
- Credit card issuer: Bank of America
- Annual fee: $0
- Purchase APR: 14.99%–24.99% (variable)
- Intro APR: 0% for 21 months on purchases and balance transfers
- Grace period: 25 days
Additional Information
- No liability for fraudulent charges
- Overdraft protection through Balance Connect
- Free monthly FICO Score checks from TransUnion
- Payments are reported to the three major credit bureaus
BankAmericard® Feature Breakdown
In this section, we’ll go over the BankAmericard® borrowing terms including fees, interest rates, and notable features.
Fees
- Annual fee: $0
- Direct deposit and check cash advance fee: $10 or 3% of advance amount (whichever is greater)
- Bank cash advance fee: $10 or 5% of advance amount (whichever is greater)
- Balance transfer fee: $10 or 3% of amount transferred (whichever is greater)
- Wire transfer purchase fee: $10 or 5% of amount transferred (whichever is greater)
- Late fee: $40
- Foreign transaction fee: 3%
Interest Rates
- Purchase APR: 14.99%–24.99% (variable)
- Intro purchase APR: 0% for 21 months
- Balance transfer APR: 14.99%–24.99% (variable)
- Intro balance transfer APR: 0% for 21 months
- Direct deposit and check cash advance APR: 17.99%–27.99% (variable)
- Bank cash advance APR: 29.99% (variable)
- Penalty APR: None
Rewards
The BankAmericard® doesn’t offer any type of rewards program or any welcome offers besides the introductory APR.
The lack of a rewards program is fairly typical for credit cards that offer more than 15 months of 0% APR, as these cards are meant for consolidating debts or expensing large purchases rather than for everyday use. However, you can still find cashback cards with intro APR offers in the 12–15 month range, such as the Wells Fargo Active Cash℠ Card or the Discover it® Cash Back credit card.
Cash Advance
You can use your BankAmericard® to take out cash advances. The fees and APR associated with cash advances vary depending on what method you choose.
Cash advances you take out with a check or direct deposit will be subject to variable 17.99%–27.99% APR and a fee of either $10 or 3% of your advance amount, whichever is greater.
Bank cash advances are subject to 29.99% APR and a fee of either $10 or 5% of the amount of your advance, whichever is greater. This type of advance includes advances taken out via ATM, over-the-counter, or online, as well as cash equivalent advances and advances taken out to cover overdrafts through Bank of America’s Balance Connect.
Because of the high cost of cash advances (they will not enjoy the 0% APR period), we highly recommend using another method of withdrawing cash, like a debit card.
Balance Transfers
The BankAmericard® allows you to transfer balances from other credit cards. Balances transferred in your first 60 days after account opening will not be subject to interest for your first 21 months. Afterwards, transferred balances are subject to 14.99%–24.99% (variable) APR.
You will also be charged a fee of either $10 or 3% of the amount transferred (whichever is greater), including on balances transferred during the intro period.
Because the BankAmericard® gives a hefty 21-month 0% APR period, this card is specifically good for anyone who wants to pay off a large credit card debt without accumulating interest.
Wire Transfers
If you purchase a wire transfer from a non-financial institution, you will be charged a fee of either $10 or 5% of the amount of your transaction, whichever is greater.
Benefits
The BankAmericard® comes with some basic Bank of America benefits:
- $0 fraud liability: You have no liability for any fraudulent transactions made with your card.
- FICO score checks: When you sign up for this service online or through the Bank of America mobile app, you can get free FICO score checks each month through TransUnion.
- Overdraft protection: Balance Connect lets you link your BankAmericard® to your Bank of America checking account to provide overdraft protection in the form of cash advances.
Credit Reporting
As Bank of America reports monthly, activity on your BankAmericard® will be reported to Experian, TransUnion, and Equifax. This information will be used to regularly update your credit report.
Customer Service
If you have any questions or issues concerning your BankAmericard®, you can contact Bank of America customer service by phone at (800) 732-9194.
You can also contact their customer service by mail at the following addresses:
For credit card payments:
Bank of America
PO Box 15019
Wilmington, DE 19886-5019
For application status inquiries:
Bank of America
PO Box 2493
Norfolk, VA 23501-2493
For credit card billing inquiries:
Bank of America
PO Box 982234
El Paso, TX 79998-2234
Should You Get the BankAmericard®?
FinanceJar verdict
With no rewards program and few benefits, the BankAmericard® is only useful for people who can take full advantage of its intro APR. For example, if you already have an everyday rewards credit card, but you need to consolidate a heavy credit card debt, the BankAmericard® is definitely worth consideration.
If you don’t need the full 21 months, however, you can still find respectable intro APR offers from cards that also offer cashback rewards and special perks that you may find more valuable than Bank of America’s default offerings.
Who is this card for?
- People consolidating their debt: If you have existing credit card balances and need some extra time to pay them off, the BankAmericard® gives you almost two years of 0% APR to help you manage and pay off your debt.
- People about to make a large purchase: Whether you’re in the process of moving or undertaking a costly project, the 21 months of no interest make this card excellent for anyone looking to put a major purchase on credit. Plus, if you fail to pay off the entire amount before the intro period ends, the regular APR is lower than many cards on the market.
Comparable Cards
Here’s a look at how the BankAmericard® stacks up against similar cards with 0% intro APR offers.
